PALM BEACH INDUSTRIAL PARK II INC

EIN: 371732764 Philanthropy & Grantmaking

NORTH PALM BEACH, FL

Total Revenue
$667,588
Total Expenses
$210,261
Total Assets
$3,592,779
Net Assets
$3,484,137
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2013
Legal Domicile
FL
Principal Officer
GERHARD JAKITS
Phone
7609437000
Tax Period
2023-01-01 to 2023-12-31

PALM BEACH INDUSTRIAL PARK II INC, founded in 2013, is a small nonprofit in the Philanthropy & Grantmaking sector that reported $668K in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. The organization ran a surplus of $457K, a strong 69% operating margin.

Mission

TO HOLD TITLE TO REAL PROPERTY AND TURN OVER PROFITS FROM THE RENTAL ACTIVITY TO THE PARENT EXEMPT ORGANIZATION; THE LEO, CLAIRE & ROBERT ADENBAUM FOUNDATION (EIN: 11-6013398).

Program Service Accomplishments

Program 1
Expenses: $329,237 Revenue: $786,564

THE ONLY PROGRAM SERVICE ACCOMPLISHMENT OF THE ORGANIZATION IS THE COLLECTION OF RENTS, PAYMENTS FOR ORDINARY AND NECESSARY EXPENSES TO MAINTAIN THE RENTAL PROPERTY, AND THE REMITTANCE OF THE EXCESS...

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THE ONLY PROGRAM SERVICE ACCOMPLISHMENT OF THE ORGANIZATION IS THE COLLECTION OF RENTS, PAYMENTS FOR ORDINARY AND NECESSARY EXPENSES TO MAINTAIN THE RENTAL PROPERTY, AND THE REMITTANCE OF THE EXCESS TO THE LEO, CLAIRE & ROBERT ADENBAUM FOUNDATION (EIN:11-6013398)FOR THE PURPOSE OF FULFILLING THE DONATION INTENT OF THE LEO, CLAIRE & ROBERT ADENBAUM FOUNDATION. THE NET RENTS COLLECTED ARE DETERMINED ANNUALLY AND THE ORGANIZATION REMITS ANY SHORTFALL BETWEEN NET RENTS AND AMOUNTS DISTRIBUTED TO THE LEO, CLAIRE & ROBERT ADENBAUM FOUNDATION DURING THE CURRENT YEAR IN THE SUCCEEDING TAX YEAR. NET RENTS FOR THE YEAR ENDED DECEMBER 31, 2023, WERE 457,327 AND 520,000 WAS PAID TO THE LEO, CLAIRE & ROBERT ADENBAUM FOUNDATION DURING 2023.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $18
Other Revenue $667,570
TOTAL REVENUE $667,588

Expense Breakdown

Grants Paid $0
Salaries & Benefits $201,461
Fundraising Expenses $0
Program Expenses $329,237
Other Expenses $8,800
TOTAL EXPENSES $210,261

Year-over-Year Comparison

2023 2022 Change
Revenue $667,588 $711,767 -0.1%
Expenses $210,261 $313,059 -0.3%
Net Income $457,327 $398,708 +0.1%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Governance

Voting Members
3
Independent Members
N/A
Employees
3
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$492,330
Total Directors
3
$492,330
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
GERHARD JAKITS PRESIDENT 17.50
Officer Director
$62,343 $30,000 $214,994
GEORGE STECHEL VICE-PRESIDE 17.50
Officer Director
$62,343 $30,000 $214,994
MICHAEL STECHEL SECRETARY 20.00
Officer Director
$62,342 $0 $62,342
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $667,588 $210,261 $3,592,779 $457,327
2022 $711,767 $313,059 $3,665,731 $398,708
2021 $594,053 $381,665 $3,695,592 $212,388
2020 $665,911 $381,650 $3,675,943 $284,261
2020 $665,911 $381,650 $3,675,943 $284,261
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